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Thread: How to choose the strategy on forex?

  1. #1
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    Red face How to choose the strategy on forex?

    Before I go into details on providing an answer to some of the questions newbies always ask and also needs to know, I want to first and foremost thank the administrative bodies of Robofox for this great opportunity given to us yo participate in this contest, infact you people are the best so far.
    With the little knowledge I have knowledge I have gotten so far in forex, I will like to elaborate on this particular question that alway disturb Every newbie hence forex is concern, and the question is "How to choose forex strategy". This have been the most questions that have been disturbing almost everybody especially the newbies. Thats why I have decided to explain alittle about it here.

    HOW TO CHOOSE FOREX STRATEGY
    The word strategy have different meaning to different people depending on the context of their definition. So far, I have undergone so many research on Strategy from different resource materials then I decided to go with this definition inother to explain myself very well on the topic at hand. The definition am using is the one that states "strategy is a systematic, formally documented process for deciding what is the handful of key decision that a trader must get right in order to thrive over the next month, year or years. Therefore, your strategy is that one thing that uniquely differentiate you from other traders. The way you go about your strategy determines how far ans how well you will go in this trade. Like I keep on emphasizing that the best strategy I have ever seen and come across so far is that strategy that you setup for/by yourself, while the worst strategy I have also seen and come across happens to be that particular strategy that you copied from someone else without you having the full knowledge of what that strategy is all about and how it functions.
    Now, the question is What are the things you need to know when choosing your strategy? . Permit me to say that the best strategy one can use to trade firstly comes from learning, because, is during the period or process of learning using either your demo account or anyother resource materials that you will be able to map out different strategies, and then you will then chose the best one among the others.
    For you to defective set up a good strategy, there are different tools/indicators you need to work with. The tools/indicators are your pinbars, moving average, the MACD, Trading Journal, calculator of volatility, calendar etc.
    Let's take a look at the indicators.
    Attachment 13916 Attachment 13917 Attachment 13918

    Atleast, I fully believe that once you have learned and master any of these tools or indicators, you will be able to trade effectively if and only if the below steps are strictly followed to set up your trading strategy.

    Here are the list of things you have to use in setting up a good and nice strategy.
    • » Plan how you will trade (that is, plan your trade)
      I definitely believe that for a strategy to work well and effectively, plans must be involved, because with a good plans you can make even what we see as a worst strategy to emerge as the best strategy so far. And for you to really plan your trade you should, Firstly choose the sweet and best currency pairs that you know too well. Secondly, you have to make some decisions on how long you want to last or stay in the trade. That is when I belive the use of time frame now come in place. Just select the best timeframe you which to use whether is the H1, H4, or others. It's all dependent on you to decide. Then, Thirdly, don't forget to place your target for the trade. That is, all you have to be thinking of are risk management and money management. There is this saying that goes like this "lose or risk small to gain big or great, that is to say that, you should trade only what you can afford to lose. Don't be greedy and emotional on your trade, because those two works are the things that can easily blow your account, but to overcome it you need to exercise some patience on your trade, very important.
      Let's take a look of the images of forex planners and risk takers.

      Attachment 13913 Attachment 13914

      Learn more about plans at http://forum.roboforex.com/threads/5...RADE-your-plan
    • » Follow the forex market (follow the market trend)
      It's very necessary and important to follow the movement of the market ot the trend. This is to say, you should follow the trend of the market and then trade the trend ( don't just jump into placing and order in forex without you first and foremost try to study the movement of the trend. And for you to really follow the flow of the market you need to be good at analysing the flow of the trade. Because been able to analyze the flow of the market trend, that is when you will be able to trade the trend effectively. I fully believe that the forex chart is one of the best tool/things one can use to analyze the flow of the trend effectively.
      Image of following your trend

      Attachment 13915
      To read more about the trend, visit http://forum.roboforex.com/threads/1...with-the-trend
    • »Always keep a Forex Trade Record, Daily orJournal
      Keeping of forex record, journal or daily is one of the good way to know how good or bad that your strategy is. And also going back to your previous records to learn will help you don that you wont think of repeating such a mistake again in your trading life.
      For you to keep an accurate and correct record of almost all your trades, you need to ...
      Firstly, know the exact date and time you place the order because having the knowledge of the date and time your orders are been placed will help you to know the exact time that best suit that particular currency pairs whether it need some adjustment or not. And with that you will be able to know the particular time that is really made for particular currency pairs.
      Secondly, you also need to knowledge the rate at which you placed your order; that is to say, knowing the rate of risk taken by you in each trade you ordered for, because with that you will be able to know what you are actually or really risking for a particular trade you placed an order on. For more information on how to control your risk visit "http://forum.roboforex.com/threads/9052-Loss-Control-Techniques" .
      Thirdly, Know what your profit and lose is. That is, don't trade what you cannot afford to lose; always trade what you can afford to lose. Here, Yeh application of stop lose and take profit is fully needed because with that you will be able to know the exact amount of money you are to lose and to gain in that particular trade. For more information revisits the above url stated before this paragraph.


    So there, having good strategy is the best thing very traders have to get so as to trade effectively.
    Goodluck my dear.

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  2. #3661
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    Good thing is that the demo account is always there to make you learn actually without having to loss a dime in the market. A good trading strategy in accordance to my knowledge so far has to be the sort of trading strategy that we use on the bigger time frame and then using the trend movement advantage.

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  3. #3662
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    Every trader could choose which strategy is suitable for them if they have the good mindset and right working skills so we have also to give time to the demo market for became good in very aspect that important to get success and choose the better strategy that important to gain profits a lot easily .

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  4. #3663
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    Forex business is very risky and tough therefore every trader need a good and profitable strategy which help the trader in making good capital.Trader should focus on learning because without learning trader would not be able to realize that which strategy will work for him.There are so many and different strategies in Forex and every trader has freedom to choose any strategy.Demo accounts are very helpful for trader for the purpose of knowledge and testing a strategy.

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  5. #3664
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    We can choose a trading strategy in regards with way that we want to trade the market. A trader have to make their trading choice based on learning and then understanding about the market. Making the right trading choice is always what we need and then the experience is what we need. The demo trading account needs to be used that will increase the traders experience about the specific trading strategy that they should make use of.

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  6. #3665
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    Learning is the best and suitable way for choosing the good and profitable strategy for trading.In Forex so many and different strategies are available and every trader has freedom to choose any strategy for trading demo accounts very helpful for trader for the purpose of knowledge and testing a strategy.Long term strategies are best and profitable for trading.

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  7. #3666
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    There are many strategies in forex market but trader has to choose the strategy that can be the best for him and it is according his experience and point of view to the market. Trader can test the strategy in his demo account and see if it works well and later use in his real account. Good and profitable strategy is half of success in forex.

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  8. #3667
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    Quote Originally Posted by Rola View Post
    There are many strategies in forex market but trader has to choose the strategy that can be the best for him and it is according his experience and point of view to the market. Trader can test the strategy in his demo account and see if it works well and later use in his real account. Good and profitable strategy is half of success in forex.
    The best strategy is not just about choosing but its about practicing the strategy we have chosen and building our experience that will actually make it the best one for us. Strategy is not the whole reason for profitable trading but its surely an important constituent of it and hence deserves our attention. For tapping high probability trades that will give us more profits and less losses we just need a good strategy and good experience in using it.

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  9. #3668
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    Quote Originally Posted by Rola View Post
    There are many strategies in forex market but trader has to choose the strategy that can be the best for him and it is according his experience and point of view to the market. Trader can test the strategy in his demo account and see if it works well and later use in his real account. Good and profitable strategy is half of success in forex.
    yes there are huge number of strategies no doubt we need to choose a best one, for this we need to use demo account when we choose demo account we verify any system and know it will work or not, in multiple strategies there is not necessary to choose single system but keep in mind choose one but best, and after that move to next and learn multiple it will give you better results

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  10. #3669
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    Quote Originally Posted by Rola View Post
    There are many strategies in forex market but trader has to choose the strategy that can be the best for him and it is according his experience and point of view to the market. Trader can test the strategy in his demo account and see if it works well and later use in his real account. Good and profitable strategy is half of success in forex.
    we can not just simply decide which strategy we want to use, not before we test them out directly with demo account and get the final result after several days of trading. it is very important to test them all by ourself so we can conclude everything manually. we will also learn easier rather than taking things based on other trader's recommendation because their opinion could be wrong or right, suitable or not to us.

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  11. #3670
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    To choose a strategy rightly is actually rely on the experience so with this real factor and with the power of experience and lot of knowledge all are the essential parameters which indeed important for every trader to connect with the success and select the best method for working in the real market completely .

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